Vancouver, British Columbia – Newsfile Corp. – February 13, 2023 – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company“) is pleased to unveil new images of the Company’s next generation vehicle. First Hydrogen is working in collaboration with global mobility engineers, EDAG Group, to design the second generation of light commercial vehicles (LCV). The Generation II concepts have been developed following the success of First Hydrogen’s Generation I fuel cell electric vehicles (FCEV), which are currently undergoing mileage accumulation and testing. The Company’s two Generation I LCVs were launched in 2022 as technical proof of concept and are attracting interest from major fleet operators. Members of the UK Aggregated Hydrogen Freight Consortium (AHFC), including national supermarket brands, roadside assistance providers, utility companies and parcel delivery operators, are undertaking operational trials this year.

First Hydrogen Unveils Next General Zero Emission Vehicle

Side elevation

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The latest images present the van in silhouette, revealing the clean, aerodynamic design. The visuals show First Hydrogen’s signature daytime running lights and vertical tail lights, which ensure visibility in urban landscapes and provide the vehicle with a recognisable identity. The scalable design has been optimised for flexible-use large panel vans suited to fleets operating in the delivery, roadside assistance, grocery, construction & utilities and healthcare sectors.

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Front and rear elevations

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The global light commercial vehicle market is projected to reach USD 751.86 billion by 2030, increasing at a compound annual growth rate of 5.1% during the forecast period (2022-2030). As well as advances and investment in energy and automotive development from entrepreneurial forward-looking businesses such as First Hydrogen, growth will be fuelled by zero emission targets, government incentive schemes and infrastructure investment. First Hydrogen is targeting the commercial van market and LCV sector to support fleet transition to zero emission transport.

Steve Gill, CEO of Automotive for First Hydrogen, says: “We are looking to create a recognisable, functional, and future-forward vehicle suited to commercial operation. These images present our vision of First Hydrogen’s next generation of zero emission vehicles and show our future customers and investors where our brand is heading. The sleek lines and clean silhouette are practical for fleet use and the design cleverly incorporates our recognisable First Hydrogen branding, reflecting our ambitions to lead the LCV market in zero emission.”

Bernat Costa, Design Director at EDAG Spain, comments: “Clean energy is at the heart of First Hydrogen’s ethos, which has inspired the pure and aerodynamic form for the Generation II vehicle series. These concept designs reveal our intentions to develop a vehicle that is functional and flexible. The illuminated silhouette reveals a modern aesthetic that will have longevity in the commercial automotive market.”

About First Hydrogen Corp. (FirstHydrogen.com)
First Hydrogen Corp. is a Vancouver and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution and supercritical carbon dioxide extractor systems. The Company is designing and building hydrogen-fuel-cell-powered light commercial demonstrator vehicles (“LCV”) under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+ kilometres. At the same time, the company has launched its bespoke vehicle design phase which will develop its fleet of proprietary zero-emission vehicles. First Hydrogen is also developing refueling capability working with FEV Consulting GmbH, the automotive consultancy of FEV Group of Aachen Germany. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK, EU and North America.

About EDAG Group (EDAG.com)
EDAG Group is the world’s largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG Group provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.

With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG’s own 360° degree approach to the development of complete vehicles and production facilities, we are a competent partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP 20 IT service providers in the German mobility sector.

Our customers include leading international OEMs, tier 1 suppliers and startup companies from the automotive and non-automotive industries, all of whom we serve globally with our workforce of approximately 8,000 experts in 360-degree engineering.

In 2021, EDAG generated sales of €687 million and at December 31, 2021, EDAG employed a global workforce of 7,880 (including apprentices).

On behalf of the Board of Directors of

FIRST HYDROGEN CORP.
“Balraj Mann”
Chairman & Chief Executive Officer


Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
investors@firsthydrogen.com


Cautionary Note Regarding Forward-Looking Statements This news release contains information or statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.

The forward-looking statements made in this news release are based on management’s assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen’s products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.

The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


The issuer is solely responsible for the content of this announcement.

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